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CNBC
Nov 30, 2012 7:00pm EST
, a dollar tax increase, a dollar spending cuts. >> president obama who jay carney represents during his daily press briefings at the white house wants an unlimited debt limit. he wants no debt ceiling on the amount of money that he can spend. so jay carney is taking shots at john boehner who has said look it's not a serious discussion about how we're going to solve the fiscal problem unless of course we match spending cuts to the number of dollars we increase in the debt limit. >> do you think that could pass congress in all seriousness? no more debt limit? no more power of the purse strings? >> no. >> that's insane. i think it's in the constitution. >> yes. and although president obama this because he got re-elected has he had has a mandate to do whatever he waumpbts, he forgets that the house republicans were also re-elected to kind of hold the line on spending. so no, i don't believe that would make it through congress. >> what about this utterance by the president today? instead of blasting congress, sort of saying he's keeping a list of congressmen? is this like a nixon enemy's lis
CNBC
Nov 28, 2012 7:00pm EST
to be optimistic. neither taxes nor spending nor entitlements were solved today. in fact, president obama never even mentioned the word spending. the one thing we do know, your taxes are going up from an obama care tax attack. no matter what happens on the fiscal cliff. and is another bailout nation on the way? student loans up to $1 trillion, huge delinquency rates, default rates going sky high, no credit standards and sky high tuition. sound likes a real bad story to me. ceos have just wrapped up their meeting with president obama about the fiscal cliff and minutes ago john harwood landed a big fish. goldman sachs ceo lloyd blank finefein. >> the highlight of the meeting was the intensity from which the white house emphasized that marge al rates as a matter of math and politics have to go up somewhat, if not all the way to 31.6 had to go up and as p he said as a necessary ingredient of a deal, he would support such a rate. >> the president said we would pursue our own interests. i'm not -- i'm certainly not insisting, i don't even desire higher rates. i think there lab drag if revenue goes up
CNBC
Dec 4, 2012 7:00pm EST
into a civil war. did president obama disspeaker john boehner in a comment today. >> on the conservative side of the republican party today. with senator demint speaking on the idea that $800 billion of tax increases were offered. but he got the backing of mitch mcconnel. take a listen to what he had to say. >> i think it sis important tha the house leadership is trying to mov move it forward. i had hoped that we would be accomplishing more in the real talks. but i can tell you, there is nothing going on privately that is not going on publicly. even as he has to deal with this rebellion. he has to deal with democrats and harry reid's comments today give you a sense of where they are coming from. >> they have to come up with specific revenue. and they refuse to do that. it is a simple question of arithmetic. you can't get from here to there unless you raise the rates. so as you know in washington, a rebellion in the ranks like this could be a problem. but in the spohort-term, if it remains constrained. it could be a good negotiating term. he could say i have offered everything that i have and
CNBC
Dec 3, 2012 7:00pm EST
again it solely is because it doesn't raise tax rates on the rich. when is obama going to rise above that obsession? when will he lose that over rich people and tax rates? i don't know. tonight, i'm is going to try to call his bluff. anyway, also breaking tonight, potential catastrophe if syria uses its chemical weapons. president obama issues a stern warning to syria and i quote the world is watching. and there will be consequences if syria uses these wmds. have we just committed ourselves to another war? and the gun control debate is squarely back in the spotlight tonight after the murder/suicide by nfl player in kansas city, second amendment instead of blaming the sick people who use them. republicans have responded to a fiscal cliff counter offer to president obama. eamon javers joins us now from washington with all the details. good evening. >> reporter: good evening. leapt me walk you through the specifics or at least what specifics we have so far from this boehner counter offer and you can see where it falls short from the white house's perspective right in the top line take a
CNBC
Dec 5, 2012 7:00pm EST
report." president obama goes before business leaders and says "we could get this done in a week" when it comes to the fiscal cliff. but tim geithner just told cnbc that we're going to go over the cliff unless tax rates go up. at the same time, two dozen republican house members signed a bipartisan letter with democrats defecting from the boehner plan. in the meantime, a nice game for the day for the dow, but a stunning selloff for apple. do you know what? fiscal cliff or not, the s&p 500 is up 12% year to date. that is a handsome gain for investors, an optimistic year, believe it or not. and we already bailed out detroit's auto industry. but now, at least one motown politician is telling president obama he should bail out detroit bankrupt city government, too. this sure isn't the free market, and i asked why should a texas taxpayer bail out detroit? >>> breaking news from syria, and it is a blockbuster. the assad regime is walking and loading its chemical weapons, ready to use them on its own people. nbc's chief pentagon correspondent joins us now. jim, is this the red line president
CNBC
Nov 29, 2012 7:00pm EST
letting the tax cuts expire and bringing on a recession, i don't believe that bluff. president obama would become a herbert hoover with two recessions on his watch. he can't let that happen. obama did not be hoover. therefore the democrats cannot let all the tax cuts expire without a good deal. unfortunately the cliff talks have charities frightening. they're worried the deduction will be slashed. ivity a contrarian view about this that is going to surprise you on the charitable deductions. and if she wasn't already in enough hot water over the benghazi mess, there's a just breaking report out tonight u.n. ambassador susan rice has heavy jeismts in energy companies known for doing business with iran. and that is illegal. first up, breaking news on the fiscal cliff front tonight, president obama offered his opening bid in budget talks with republicans, and we have eamon javers with all the details. good even, eamon. >> house republican aides are saying this was a new offer from temperature think geithner on capitol hill for a long series of meegts. there were varying report of whether or no
CNBC
Dec 6, 2012 7:00pm EST
evening, everyone. i'm larry kudlow. this is "the kudlow report." the talks are back on. team obama and team boehner are back at the negotiating table. but there is still substantial disagreement on tax rates, tax revenues, domestic spending and entitlement reform and the clock is ticking. speaking of tax hikes, europe's grand experiment with taxing the rich more is falling apart, especially in france and britain. and here at home, california and new york are passing through the 50% tax rate barrier. is anybody looking at how tax hikes fail the test of economic growth? >>> back here in the u.s., could it be michigan which used to call itself the worker's paradise union state is now moving towards new anti-union right-to-work legislation and it looks like it's going to pass? but first up, budget talks resume between speaker john boehner and president obama today. with just 25 days to go, let's keep tabs on where we stand. reports of a conservative backlash against speaker boehner simply not true. he has the solid support of his leadership and the rank and file. but there is concern a
CNBC
Nov 30, 2012 6:00am EST
president obama's proposal which includes a $1.6 trillion tax increase, a $50 billion economic stimulus package and new power to increase the debt ceiling without congressional approval. the offer featured higher tax rates for households making over $250,000 a year. a one year postponement of the sequester and about $400 billion in savings over ten years for medicare and other entitlement programs. >> despite the claims that the president supports a -- >> thousand is the time fnow is republicans to move past the happy talk about revenues, ill defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. >> today president obama is taking his pitch on the road. he will be visiting the philadelphia suburbs employing campaign style tactics in hopes of mobilizing the public to his side. he'll be speaking at a manufacturing facility arguing that businesses it depend on middle class consumers over the holiday season. despite all this, you see the futures today indicating higher. dow up by about 35. does that surprise you guys? >> no, i
CNBC
Nov 30, 2012 4:00am EST
. tokyo stocks end the week at a seven month high. plus president obama will take his case for tax hikes on the wealthy to the american people today as the war of words between democrats and republicans over the fiscal cliff heats up. >>> the trading session sitting roughly flat on the stoxx 600. decliners and advancers about even this morning. markets are trying to digest these comments from draghi. first, let's take a look at the bourses. s it is the last trading day of the month. just one left to go in this extraordinary 2012. ibex 35 appropriately enough is ending in the red today. other indexes showing a little bit of a rise here. we've seen spanish and italian debt come in sharply and the yields falling today. we saw the euro-dollar adding almost 0.3%s this morning. dollar-yen up two thirds of a percent in the light of perhaps japan may be getting moring a yes, sir sif on st ing a grefs saggressive on stim. let's get over to deidre wang morr morris. >> yes, the japanese data was good, but also the economy still stuck in deflation. hang seng down half a percent. we had pic stay in f
CNBC
Dec 5, 2012 4:00am EST
to be for the rising movie industry. cet will head out to washington as president obama is pushing forward his tax for the wealthy agenda. george osbourne is going to update today. the chancellor will have his work cut out to meet his target of eradicating the federal deficit by 2015 as well as securing a fall to gdp ratio. also expected further pressure with a cut to its growth forecast. steve is braving rather inclement british winter weather outside the houses of parliament. >> lovely. >> i know you like it. how much is it going to be raining on george osbourne's parade? >> it's going to rain on his parade. you just nailed it, ross. three things which are going to come up today, which he has very little control over. one is that obr reckoning on the uk economy. thought only back in march it was going to grow -- pain a negative growth for the year. next year they thought it was going to be 2% growth. it's probably only going to be 1%. in terms of those two targets you mentioned, eradicating the structural deficit in a five-year period, that's going to have another couple of years. >> right. now,
CNBC
Nov 29, 2012 6:00am EST
people. >> did you see this, obama is flexible on highest tax rates. >> administration official. white house officials later signaled that. he didn't signal it in anything he said. >> i spoke to a couple who were at the meeting yesterday, some of the executives, who felt, and this is like the implied feeling that he was now more willing to deal on the highest rate. >> did you hear anything about spending cuts or entitlement reform? >> two conversations are taking place. one if the public trying to get them behind you. the other is whether you're actually saying to the people you're negotiating with. and when you saw the signal, it was like, okay, maybe they'll get to that, i don't know, 37% or 500,000 or something. what we had been talking about two weeks ago. maybe that's where they're headed. stocks did gain ground on optimism around the idea that we could reach some sort of a deal to overt the fiscal cliff. the dow closing more than 100 points higher after being down by more than that during the session. a swing like that hasn't happened since october 2011. u.s. equity futures at th
CNBC
Dec 4, 2012 1:00pm EST
much. the stakes are getting higher. state governors meeting with president obama to express their fears about the fiscal cliff while both sides squabble. we are going to get an expert lesson from a best-selling author on the art of getting deals done. investors are getting ready for friday's crucial employment report. so where are the jobs right now who is hiring? who is creating them in the face of the fiscal cliff? we have got the answers and they may surprise you. >>> and let the debate begin. it's a little fuzzy, roll the tape. there you go a new study says high-speed trading on wall street is hurting the small investor and even puts a price tag on exactly how much the little guy is getting killed. you know they're talking about that one, sue, down at the new york stock exchange. how are you doing, sue? >> great, ty. indeed they are talking about that and we are going to talk bhort exact numbers on that study in just a few minutes. stocks are steady. talks continuing in washington. we are just down about 12 points on the dow jones industrial average, 27 days until americ
CNBC
Nov 29, 2012 4:00am EST
the world. europe follows asia higher after a pop on wall street. president obama and congress make positive comments about avoiding the fiscal cliff. and uk banks brace for possible new rules on capital and lending as bank of england governor mervyn king prepares to unveil his financial stakt reporbility. and the search is on on for the winners of the pow ball ticket as two tickets matched all the numbers in the $580 million drawing. we're getting a lot of green on the heat map and not a lot of red. sur enough, the stoxx 600 is up 0.8%. we can take a look in at the bourses and almost a mirror image of yesterday. ibex 35 adding 1.6%, cac 40 up more than 1%. the dax adding 0.8%. and we just got german unemployment figures. plus the foot city 100 up 0.8% this morning. so pretty much a strong session across the board. again, following what we saw in the u.s. yesterday. take a look at the bond wall here of course we have an italian auction coming up later and italy's ten year, below 4.5% this morning. so price rising. that yield falling. spain also benefiting. that yield down to 5.2%. bunds cree
CNBC
Nov 30, 2012 3:00pm EST
geithner. we'll hear from someone who says the best candidate to succeed him just met with president obama yesterday. trust us when we tell you it's not a name you've heard before for this job. >>> meanwhile, the parade of companies offering special dividends ahead of the cliff keeps getting bigger. why this boom for shareholders may turn into a bust for others. we'll explain when we continue on "the closing bell" for this friday. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. [ female announcer ] today, it's not just about who lives in the white house, it's about who lives in the yellow house, the green, and the apartment house, too. today we not only honor the oval office, but we honor the cubicle, and the home office as well. because today it's about all of us. and no matter who you are, you're the commander
CNBC
Nov 30, 2012 4:00pm EST
on treasurietreasur. as soon as boehner and obama walk out of the white house, which i believe they'll do at some stage over the next month, as soon as that happens, everything is going to flip the other way. i'd like to find a way to play the market, but i think for long-term investors, valuation gets more and more important. the more you stretch things out. the key thing people are miss -- i agree with rick, the economy is not that strong, but it is still growing steadily and valuations are so extreme that you know which way the money is going to go when things settle down. i just wouldn't want to be on the wrong side of that trade. >> stephanie, that's basically the way you feel. you have sort of opportunities out there. how do you see it, stephanie? >> i think what you want to do is use the volatility, use the declines, and go back to the companies that reported good third quarter earnings. go back to an ebay. >> stick to fundamentals. >> right. go back to starbucks. or you also can focus on some of the themes, right. housing is still in recovery mode and that -- i know it's well known, but i
CNBC
Dec 6, 2012 6:00am EST
at this point are up 1.20. $1659 and ounce. >> wonder what boehner and obama talked about on the phone. i think it went something like this. your mother! no, your mother. no, your mother. and then it went back and forth. your mother to infinity. >> no, i think what happened is we realize that there's been an awful lot of theatrics. >> you don't think they said your mother? >> no. >> you don't think they hurled insults at each other? >> no. >> actually, boehner was just a dial tone. you said i'm supposed to do what to myself? no, that's not boehner. >> on the economic front, i guess there are things going on. more employment data on the way. tomorrow the big jobs report and then there was the issue of the fiscal cliff. 11,000 in citigroup. i wonder if we start seeing things before next year. people are not hiring people. >> and we've talked a lot about this, ceos have already had to make their plans known to their boards. so it's had its impact. >> getner says the obama administration is only too willing to go over the qulif. cliff. do they mean marginal rates, or just rates. >> that's what's go
CNBC
Nov 30, 2012 1:00pm EST
, how are traders down here investing -- reacting to mr. obama and mr. boehner? >> it depends on what the headlines are. so the president said the clear majority voted for a balanced approach. but there's a lot of debate about what that means. representative boehner i thought was much more into fighting words over there. listen to what he said. increasing the tax rates is the wrong approach to take. he said there was a stalemate in the talks with the white house. look at the dow industrials. we did move down around 25, 30 points as his comments came out. he said we're almost nowhere in the talks. sitting right near the lows for the day. if you look at the overall sectors that are moving today, pretty much balanced on either side. pretty much even on the balance-decline line. worries about higher taxes on dividend paying stocks seem to be -- >> lows for the day but not violent downstrokes here. >> i think the problem is we'll have trouble moving into positive territory at the close. a lot of concerns about headline risks over the weekend. we could be down 10, 15 on the s&p monday morni
CNBC
Dec 3, 2012 4:00am EST
. they admitted that there has to be some revenue. meanwhile the obama team led by secretary geithner are comfortable with at least 2:1 what they would call entitlement cuts. so there was a lot of ground for a deal. unfortunately, i think the threats from some democratic leaders that maybe it's okay to go over the fiscal cliff, i'm worried some actually believe that and that's one thing that scares me. i think there's a deal on the table, get a few years deal, it's only if -- obviously the republican caucus could do something stupid, but owes otherwise my main word is the dems decide they want to play for a long term deal that it all has to be resolved right now and it's worth the risk and i don't think it's worth the risk. >> adam, always good to see you. thank you very much indeed. we move on, stay in the united states, strike at the port of los angeles long beach is entering its seventh day and some analysts fear it could cost the u.s. economy $1 billion a day. it means lost business for truckers and others who rely on the port for their livelihood. combined they are the nation's b
CNBC
Dec 4, 2012 4:00pm EST
was ready to make some deal on taxes with president obama. that's a sign to me that he's going to clear the decks to try to push through a deal. it's a sign that we're going get some kind of tax increases for the top 2%. i don't know where those numbers are going to be. pretty clear to me that a deal is in the works and we're heading in that direction. what i'm not sure of is whether the market will go up on this, necessarily. >> in terms of that january effect, bob, does that even matter this year? >> yes, look, it's not long from anybody, january and february are the best months of the year. that's a factor. >> let me ask you about putting money to work, keith springer. you say we're going to get a deal regardless. we may get a deal regardless, but that deal means probably higher taxes and lower spending. what are the areas in the economy in your view that get impacted most by a deal? >> well with, we're going to have less spending in the economy next year, which is going to slow down growth, which is where a bear market will come in, but not right away. there's so much negative senti
CNBC
Dec 6, 2012 1:00pm EST
in the united states. >> let's say our constitution was a little different and barack obama called you in tomorrow and said, get everybody out of china and do whatever you have to do, make these, make everything you make in the united states. what would that do to the price of this device? >> i honestly -- it's not so much about price, it's about the skills, et cetera. over time there are skills that are associated with manufacturing that have left the u.s. not necessarily people but the education stops producing them. >> that's sad. how do we get that back? sbl well, it is a concerted effort to get them back. with this project that i've talked about where we will do a mac in the united states next year? i think this is a really good another step for us. the consumer electronics world was really never here. so it is not a matter of bringing it back, it is a matter of starting it here. >> good morning. thanks for joining us here. >> reporter: while steve jobs liked to avoid the spotlight, he also thrived on it. it was as if he was selling products that were pieces of his own soul. he wa
CNBC
Dec 5, 2012 6:00am EST
this morning, but let's start with that big story that joe was just talking about. president obama speaking to the business round table today, attending to the group's quarterly meeting of ceos. jim mcnerny says including meaningful and comprehensive tax and entitlement reforms. this is the number one story that we've been talking about every morning here since the election. fiscal cliff, big, big issue. there are now, it seems, growing numbers of people on both the right and the left who would like to see us just go over that fiscal cliff. how big of a problem would that be? >> that would be a big problem. i actually still believe that those -- the democrats, the administration, republicans in the final analysis don't want to see that happen. they do understand that not only would that present a problem in the near term as we went over the cliff at the end of the year, but we still then have the whole debt ceiling fight that would transpire shortly into the new year. the issue isn't simply the negative result of going over the cliff, but it's also that business, consumers, everybody contin
CNBC
Dec 2, 2012 7:30pm EST
. president obama's initial offer on the fiscal cliff was resoundingly rejected by republicans. it included a $1.6 trillion tax increase, double what he campaigned on. also included $400 billion in entitlement cuts eliminating the need for congressional approval to a raise the debt ceiling. the markets rebounded later in the week following the latest hopes on a fiscal cliff agreement. america's economy grew at a faster pace than initially expected in the third quarter of the year. the second reading of the gross domestic product showed it at rate of 2.7% spurred by stronger inventories and exports. the securities and exchange commission is looking for a new chairman. mary shapirp schapiro announcin she will step down after nearly four years on the job. the obama administration says it will announce a replacement in the near future. >>> starbucks has a new way to spend a lot of money. it is introducing the most expensive blend made from a rare costa rican variety named geisha. it is $7 a cup and only available in 48 stores. if you order one, drink it slowly and enjoy every sip. >>> is the fi
CNBC
Dec 4, 2012 4:00am EST
to avoid the year end fiscal cliff. >>> and president obama is meeting with a group u.s. governors today around 10:00 a.m. eastern. it includes jack markell, mary fallon, scott walker. the governors will discuss how the fiscal cliff will impact their states and possible solutions. it's also expected to meet with house republicans, as well, this week. >>> and oracle is amongst the latest of speeding up their dividend pay outs to avoid possible tax hikes because of the fiscal cliff. they will pay dividends a total of 18 cents a share for the next three quarters. larry ellison didn't take part in the decision, but he will benefit. he own as 23% stake in the company, so he'll receive around $198 million. yes, you heard it right. oracle stock down 0.8% despite that in frankfurt. still to come, interest rates in australia are moving down. down under. find out what central bank is worried about when we come back. >>> australia central bank held its rate setting meeting. matthew taylor has the details. >> the market had been pricing in a 25 basis point rate cut and the reserve bank delivered wit
CNBC
Dec 3, 2012 6:00am EST
's the times today, obama's end to giving in. there's a big piece in the journal also about that quoting all these leading democrats saying the president has to hold firm this final they're tieing a whole four years to this, the way this goes, so goes the next four years. so far he's under enormous pressure to stand pat. and boehner i think is under even more enormous pressure because a lot of people see boehner if the house as the last best hope for a voiding what a lot of people think is a calamity. >> but leadership isn't calling the other side names. i think when you talk about the big four, boehner, reid, pelosi -- >> no, not them. >> obama is on the legislative branch. we have to give him a break on that. but there are four big people. those four people couldn't be more inept. >> it's boehner -- the mcconnell and pelosi and reid have nothing to do with what's going on between boehner and obama. >> to some extent that's true. >> reid is the guy that pushed obama to extend the bush tax rates in 2010. so reid would i suspect -- >> i'm starting to like him more. i thought of him as senator
CNBC
Dec 4, 2012 6:00am EST
of this conversation. >> obama doesn't listen to him at this point. do you see how this is on? it's as tenuous as the talks themselves. leechb one way or the other, it falls off. anything the slightest movement respect, and the cliff -- we're not rising above. you're getting a hum on my microphone? i'm fine. the audio guy. interrupts the show to tell me there is a hum and there isn't a hum. >> i appreciate that. also senator harry reid says that republicans need to, quote, get serious. both sides are saying this, both sides -- a lot of kabuke theater. >> everyone got disgusted. nobody needs that image. >> the fiscal cliff will certainly be one of the main topics of discussion when president obama meets with some of the nation's governors today. actually i think they're meeting with vice president biden. then governors will be meeting with some of the congressional leadership, as well. but you guys are watching this, we know this is drama and theater. do you think a deal gets struck at the end of the day? >> i do. i have to say, i still think we'll get a last minute deal. i just cannot imagine
CNBC
Nov 30, 2012 2:00pm EST
revenue, we just saw president obama in pennsylvania at a campaign style rally touring a toy factory, and then making a speech. president obama saying that this is all about the republicans holding the country hostage on behalf of tax cuts for the rich. take a listen to the president earlier today. >> a lot's riding on this debate. this is too important to our economy, it's too important for our families to not get it done and it is not acceptable to me and i don't think it is acceptable to you for just a handful of republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. >> reporter: now just minutes after that, speaker of the house, john boehner, the republican leader here on the house side of the capitol, took to the podium as sort of a downbeat speaker boehner saying that we are at an impasse here in washington in these negotiations. >> no, there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. if you've watched me over the last three weeks, i've been very guarded in w
CNBC
Dec 3, 2012 5:00pm EST
that in every speech he has made so far. there you see the obama offer in terms of what he has put on the table. he would like to see a bunch of new taxes particularly tax 92 creases, $960 billion and the key here is that what the president has offered in all told is $1.6 trillion in new tax revenues and what the speaker countered with today was $800 billion. you can see how far apart the two men are. there is a lot of negotiating to be done between here and there. >> what is your guesstimate on a counter? >> i think we have a counter at some point in the next couple of days. where they go in terms of those numbers i don't know because this would be the first time that either party has to move far off of its talking points. both parties made offers that are basically what the talking points are. now we get to the nitty-gritty. who is willing to show a little leg and compromise. >> quite a metaphor. >> whoa! >> you show a little leg. >> rise above, show a little leg. it's all the same. thank you. >> poor guy he is doing a serious report -- >> and then you guys chime in. >> the "fast money" hound
CNBC
Dec 5, 2012 9:00am EST
will it cost you. we have the answer coming up. in a little more than an hour from now, president obama will address the fiscal cliff before ceos at the business roundtable. we'll bring you live coverage including the q & a session. as we head to break, look at movers on wall street. melons!!! oh yeah!! well that was uncalled for. folks who save hundreds of dollars switching to geico sure are happy. how happy, ronny? happier than gallagher at a farmers' market. get happy. get geico. chances are, you're not made of money, so don't overpay for motorcycle insurance. geico, see how much you could save. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local
CNBC
Dec 6, 2012 9:00am EST
energy markets. the obama administration has said the study will be central to the decision on whether to export. he said exporting the gas would be a bigger impact on the economy. >> slap in the face of dow chemical. of coke, not coke the beverage company. but this was something that was hotly disputed within the romney campaign. he really let this stuff go because the romney campaign had some very big givers that were chemical companies. >> do we know, say, very bad, how much will prices conceivableably go up if we become an exporter of natural gas? is it that great a difference? >> we burn offer more natural gas than we use. burn off, in other words literally, you see those flames, we flare more than we use. so we got a real excess of this stuff. >> the government says that the -- 6.6% of current u.s. consumption. >> why would prices move that dramatically at all? wouldn't they just come down globally? >> the average, our $16 goes to $4. it costs $7 to get stuff from the united states. >> you should argue that they should go down because they went be the only one. dominion has brooi
CNBC
Nov 29, 2012 4:00pm EST
president obama for the next four years? he's got a much different mentality. >> i'm a social liberal fiscal conservative. my party doesn't really exist. i thought if the nation got burr rid under trillions of debt, there would be nothing to talk about. we wouldn't have a social agenda. >> we're close to it. >> 16 on our way to 20. then you lose options. you go over an edge where you're only services debt. today our interest expense is like $120 billion or so. 4% on $20 is $500 billion. that overwhelms all the discretionary spending. somebody has to get serious in washington. i'm hoping obama is coming to be a great president, which has come to the center. he inherited a bad economy. there's no doubt, right? but we haven't made a lot of progress. we haven't given business a lot of confidence. we have $1 trillion -- >> antagonistic with business. >> we would call it antagonistic. a lot of listening but not a lot of hearing. i'm supposed to go -- i won't say that. >> you're going to go to the white house. >> maybe. >> why would you go to the white house? you think he's listening? all these pho
CNBC
Dec 3, 2012 4:00pm EST
of the big problems we have is if you look at this president obama proposaproposal contains fiscal stimulus republicans object to. it will be hard to get fiscal stimulus through this year. monetary stimulus from the federal reserve is very much alive. >> absolutely. let me get your take on what we see happening here because we have breaking news on oracle. once again, more companies paying a dividend this year not waiting for next year because they want to be sure investors have a chance to get attacked at 15% capital gains tax or dividend tax as opposed to much higher because we know that taxes will probably go higher in 2013. oracle is accelerating payments of 2013 dif dens. they're going to pay second quarter, third quarter and fourth quarter dividends this month. gordon, what has that done to trading and investing environment? all these special dividends. oracle is doing it now, second quarter, third quarter dividends this month so investors can get taxed at the 2012 dividend rate. >> it's bigger than that because it's not only the corporation themselves but corporate executives. cashin
CNBC
Dec 4, 2012 12:00pm EST
about but, instead, just check out this chart. at the lowest level since president obama was re-elected. just now under that $1,700 mark. what's behind the sell-off and is this a buying opportunity? let's start talking futures now. let's start with you, you and rich have been bitten by the gold bug. are you ready to throw in the towel here? >> jackie, i'm not ready yet. usually when you see a day the dollar is as weak as it is, gold is higher. what's happening today is you're seeing a lot of profit taking on gold. it's not profit taking because we're up 9% on the year. traders are worried that some deal with the fiscal cliff will call for higher capital-gains taxes so traders are getting out of their gold positions before that might take effect. >> so profit taking, meantime, rich, what is dipping below the $1,700 mark mean? is that really the right level to be watching? >> well, we gave you the level $ $ $1,706. you're looking at $1,672. every trader will tell you it is a big level here, a close below that and there's more pain. in fact, let's watch today's close, in one hour,
CNBC
Dec 5, 2012 5:00pm EST
that president obama had made earlier so i'm not sure how much a change in position this is as it is just explicitly stating the position of the administration. he also said that going over the -- a deal would not get done without a deal on the debt ceiling as well. finally the treasury secretary said the proposal from speaker boehner did represent some progress. >> i think we're making a little bit of progress. i mean, we're still some distance apart. they're clearly moving. they're trying to figure out how to move further. you've seen them acknowledge they're prepared to do $800 billion in higher taxes on part of the american economy. that's part of a balanced framework. that's definitely some progress. what we need to have them acknowledge is that the rates go up and if they're willing to accept that and commit to that as an agreement, then we think we can do something really good for the economy. >> what you have here is really the administration laying out the parameters of getting a deal done. it's going to be tax hikes on the wealthiest 2% going back to the bush tax cuts, although
CNBC
Nov 29, 2012 1:00pm EST
to be worried about. >> that even goes to obama's terminology yesterday. he talked about presenting a framework by chris mall. framework, all that means is, listen, we've got to plan, we can modify it, tweak it -- the market will not want that. >> the market will move very quickly if they perceive it is not substance. remember it's two parts -- soon and substance. >> thank you very much. >>> to the nasdaq right now, bertha coombs is there following the big movers. >> over the last couple of days the nasdaq has managed to move into positive territory for the month of november, back above 3,000. today one of the biggest movers is research in motion getting an upgrade at goldman sachs. one of the firms that sees them perhaps getting some traction with the blackberry 10 rollout in 2013. apple up today as well, up more than 1%. look what's happened this month. nasdaq composite has moved up without the help of apple. apple on track for the third straight monthly loss. what's really made the difference here? games. cisco, some of the big caps like cisco, gilead, qualcomm and amazon, they've accounted
CNBC
Dec 5, 2012 1:00pm EST
of this negotiation. >> eamon javers, thank you. >>> john harwood has the latest on mr. obama's big meeting with some of those ceos. john? >> the other way the ceos are in the middle of this is the president appeared before the business roundtable today as part of his effort to continue rounding up support from various constituencies for what he calls a balanced approach. one of the things he pressed was a priority that the head of the business roundtable, john eng r engler, has suggested which is a longer term fix to the debt ceiling problem. remember that it was a catastrophic standoff in mid 2011 that caused the downgrade in u.s. credit. president said he's simply not going to negotiate in the negotiating process that results in the same kind of stand-off. here is the president. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation? which, by the way, we have never done in our history until we did it last year. i will not play that game because we've got to break that habit bef
CNBC
Dec 3, 2012 2:00pm EST
. >>> happening right now as we speak, president obama is fielding twitter questions about the fiscal cliff. jackie deangelis is monitoring it for us. >> that's exactly right, mandy. as a matter of fact that session is now under way. it is part of the white house's my 2k twitter campaign. that refers to the more than $2,000 in extra taxes that the average american family is going to experience before the end of the year if we don't seem to find some compromise. so today the president is using twitter to interact with americans, no doubt to gain some support for his plan that would allow those cuts to extend of course with the exception for the wealthiest americans. earlier in the day president obama tweeted about this himself. he used the white house twitter account and said it's good to see a lot of folks on twitter speaking about extending the middle class tax cuts and that he'd be answering questions on the cliff at 2:00 p.m. of course we'll be monitoring that very closely and bring you the best interactions that we find. if you want to send a question to the president, all you have to d
CNBC
Dec 2, 2012 6:00am EST
gains as traders wait on washington. while everybody is watching boehner and obama duke it out, a flashing red warning sign emerging for the consumer. shares of yum brands taking a hit on the warning on the outlook for china. what does this mean for the other multinationals. let's get in the monday and find out. dan, this is much more than a single stock story because yum is looked at as a barometer for china growth. >> that's a great point. >> this year as mcdonald's was signaling that china was weakening, chipotle. this year domestically, we're starting to see sales trends weaken. yum was doing fantastically in both regions. yum gets it disproportionate from the sales. relative to the competitors in china. about 45%. and a lot of investors were wondering how these guys were bucking the trend for so long. to me this is a little curious. they just gave guidance on china sales on october 10th. to me they may have a bit of a credibility problem. the other one we were talking about is tiffany's. these are a tale of two cities. they have downgraded yesterday and that was also based
CNBC
Dec 6, 2012 4:00am EST
obama speaking by phone, but no announcement of any upcoming face to face budget talks. earlier the president told the business round table that a deal to avoid the fiscal cliff could be reached quickly if republicans drop their opposition to raising tax rates on the wealthy. and in an interview on cnbc, timothy geithner says the gop is making a little bit of practice, but the white house is absolutely ready to go over the cliff if tax rates on the top 2% don't rise. >> our obligation is first do no harl. we need to lift that threat over the economy. and now as part of that, we'd like to put in place as i said a carefully designed mix of reforms to put our fiscal balance in the path of sustainability. as long as there is recognition by the other side that those rates will go up, we think we can reach an agreement on the set of reforms as i said that will be good for the economy. >> republicans were quick to hit back. orrin hatch called them stunning and irresponsible, but there may be more cracks in the ranks. "washington post" reports some moderate and conservative republicans
CNBC
Nov 29, 2012 9:00am EST
of euro/dollar. obviously here reid's comments sent the euro in the risk trade back. obama/boehner comments about a possible agreement. geithner with congressional leaders would set up any kind of good news for a euro to push through that 1.30 level. >> what are your levels? >> i like to go long. actually, i just bought euro literally in my hand held before i sat down at 1.29.70. you want to look for a push through that november triple top high over 1.30. we could target the 1.30, 1.40, the high from october. traditionally in the technical analysis world we have a triple top setting up. those do not hold. i like the trade up towards a test of that october high. >> i'm surprised you don't think the yen is a better trade at the moment. there's a lot of chatter everywhere else about it. >> it's a great point, simon. you know, the boj is doing everything they can to end their 13, 15-year deflationary cycle. my thought on that is you don't get hit by the train you see coming. i feel like the market is so focused on the short yen trade, i think it could work in the short term. yo
CNBC
Nov 30, 2012 9:00am EST
. by just simply adopting what passed in the senate. >> president obama is meeting with high profile chief executive officers today to talk about country's fiscal issues. >> we're here to support doing the right thing and putting america back to work. >> we don't legislate but we know the consequences of a failure to reach an agreement. >> only way democracy works is through compromise at the end of the day. >> i'm optimistic we'll continue to work together. >> our ultimate goal is an agreement that gets long-term deficit under control in a way that is fair and balanced. >> stocks trade on fiscal cliff comments from president obama and john boehner. >> no substantive progress has been made in talks between the white house and the house over the last two weeks. the white house has to get serious. >> republicans know where we stand. we have said it. we've said it. we've said it so many times. >> i think all of us today are confident we can reach a bipartisan agreement by christmastime. >> according to a congressional republican aides who have talked to "the wall street journal," they obtaine
CNBC
Dec 3, 2012 9:00am EST
to be -- they are insensitive to the economy and they're a winner in obama care. 2014 begins and i'm picking numbers up. hca. even with this leverage. raising numbers, hca, 2014. i'm doing that right now. cramer firm is taking up numbers. >> you did it in your head. >> i did. i'm going to ask the sales force to go out with it and i think he can get the stock moving and by the end of the day i'll let retail investors know and they'll take institutions out -- >> wait until tomorrow. >> delay is better. don't make the call yet. >> that works well. >> hedge fund cliff. >> line two for you. >> when we come back this morning, the key to averting the fiscal cliff could come from a bipartisan group of senators called gang of eight. mark warner is coming here to post 9. one more look at futures. more "squawk on the street" is back after a break. if we want e our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest
CNBC
Dec 4, 2012 9:00am EST
you. >> sticking with the cliff, governors are set to meet with president obama and congressional leaders. the meeting coming one day after the white house rejected a republican plan for averting the cliff. chi chief washington correspondent john harwood is outside of the white house this morning. how do business leaders change the equation? >> reporter: the president is trying to orchestrate a consensus behind his approach to deficit reduction. this is a group part of the national governors association executive committee. a diverse group. he carried three states he represents and governors include scott walker, leader of conservative government reform movement going after public employee pensions and shrink government obligations that way. governors are pragmatic. the president is trying to make the case if you look at polls and revenue needs of the government and ageing of our population, the pragmatic thing to do is trim entitlements. the significance of speaker boehner's offer yesterday he put specifics on entitlements on the table. they are significant raising the medicare e
CNBC
Dec 3, 2012 6:00pm EST
they are or maybe how stupid they are and to the gop, obama's re-election clearly meant nothing at all. it's almost as if neither side realizes how many people are simply just playing for dinner here, trying to put dinner on the table. now i got to deal with this morass in washington. while i'm optimist thak if congress and the president canceled vacations, remember, no vacation without legislation and stayed to avert the cliff. i'm worried that they're sworn to not compromise. i'm worried that rising above is anathema to democrats and repugnant to the republicans as the phrase, grower, hide your ears, higher taxes. here's the bottom line. a new school which says the cliff jump won't be that bad has now entered the fray. i'm still hoping we don't go over the cliff. but i can't be sang win if we do. i think it means that the stock market will get hammered even as it might bounce back if the austerity is lifted by a dreaded, hated compromise that both sides seem to despise. i have a list of ten stocks that would be the bass-backers. you got to stay tuned for those. but it would be a bounce-back. let'
CNBC
Nov 30, 2012 12:00pm EST
thought on that. i want to show you president obama is taking his fifth fiscal cliff plan on the road today if you will and there is a shot of him in pennsylvania. the president is speaking there. this comes fresh after republicans rejected his offer. >> yeah. that's right, scott. the president just got a tour of this toy factory in pennsylvania within the past couple minutes and now is speaking. we're told what he is going to say in this speech is that he wants a deal which raises taxes on the wealthy and he'll specifically say he wants a deal that raises tax rates on the wealthy not just limits deductions and other things. interestingly, scott, on the air force flight over there a white house spokesman briefed reporters and told them he was surprised republicans were so surprised about the details of the president's offer yesterday because the president talked about so much of this stuff early on. i can tell you that offer went over like a lead balloon here on capitol hill. republican members of congress were not thrilled with $1.6 trillion in new taxes and $50 billion in new stimul
CNBC
Dec 4, 2012 3:00pm EST
, that one day that you actually have president obama and boehner come out on the white house lawn saying they're announcing some kind of a deal, you're probably going to see a sharp rebound on the back end of it. you certainly don't want to miss out. >> jeff, what's the third thing you do? buy cans of tuna fish? >> no, i think you have to watch it. the one thing i would disagree with is i don't like dividend payers right now. i think this idea of rushing to these special dividends could come back to actually backfire on some of these companies if they're not putting their cash to good use. it's almost like they're trying to bar the door to keep investors from going out. i'm a little afraid there. i'm also afraid of munis here. on the back end of this, there's a good chance munis could lose their tax-exempt status. that could cause some problems. they've had great run here. i think they're very susceptible to talks coming from the fiscal cliff. >> i think if they took the tax-exempt status away, we'd all be in trouble. >> then what do you do? >> it's a horrible thing as far as local gover
CNBC
Dec 5, 2012 3:00pm EST
owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked to one of the earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing around that view that they should give into what the president is suggesting, at least temporarily, and continue to negotiate on the rest because there's a lot of political pain here for republicans if we do get to the point where we go over the cliff because of those higher tax rate pateryers, guys. >> all right, eamon. thank you. >> the talk continues, but none of it face to face. be sure to catch a live interview with on
CNBC
Dec 5, 2012 4:00pm EST
is under extreme pressure since president obama is definitely going to be seeing a wealthy tax added to it. on the economic news, little light tomorrow with initial claims at about 390,000, but the big story is really friday as we look to the jobs report. we believe that the effect of the payroll will be at 50,000 range due to the effect of hurricane sandy which could put our unemployment up to an 8% rate. >> all right. we'll be watching that. thanks very much to you both. we appreciate it. of course we'll be looking at this market and whether or not it loses the steam come the big rally today. ticktock, ticktock on the fiscal cliff. my thoughts on the story from timothy geithner. guess what, folks. i think we're going over the cliff. back in a moment. are system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unite
CNBC
Dec 6, 2012 12:00pm EST
that yesterday speaker boehner and president obama held a phone call, it was said to be about 20, 28 minutes in length but neither side has leaked what happened on that phone call. the house republicans are not leaking, the white house just within the past hour said it's not going to tell reporters what was discussed, that's probably an encouraging sign that negotiations are taking place. last week we saw that they had a proposal and immediately house republicans leaked the white house proposal and then republicans went out of their way to say they were laughing at that proposal, now they're not leaking, that's probably a sign of some real deal making but nonetheless harry reid the senate democratic leader was on the floor within the past hour or so and he kept the pressure up on republicans. take a listen. >> the plan for the republicans to face reality, there's enough writing on the wall. >> you get the sense here guys that democrats feel like they have the upper hand, there is some dealmaking behind the scenes. what that dealmaking is we don't yet know and when it could yield some resolut
CNBC
Dec 6, 2012 3:00pm EST
and evolving story. >>> also, the ceo of accounting giant recently met with president obama. he say miss other ceos in that meeting agreed the tax rates for the wealthy have to rise as part of any fiscal cliff deal. he joins us exclusively later on "the closing bell." stay tuned. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... i'm with scottrade. >>> one of the most bizarre man hunts in recent memory is coming to an end in central
CNBC
Dec 6, 2012 4:00pm EST
the chief executives who met with president obama last week and called the conversations, quote, constructive. since then, not much progress has been made. we want to talk more about that exclusively. he's here with me to talk if he still feels that way about fiscal cliff. good to have you on the program. deloitte ceo. thanks so much for joining us. >> thanks for having me. >> i want to get to the president and your meeting and really zero in on the fiscal cliff. before we do that, i want to get to the situation around hewlett-packard and autonomy. of course, hp taking a massive write down on the acquisition of autonomy. ceo meg whitman throwing deloitte under the bus in some sense because the firm was among those charged with examining the books before the deal. what can you tell us about what you did in terms of overseeing the books at autonomy and what do you say now that she's charging this fraud? >> sure, maria. unfortunately for us, that matter has been turn the over to investigation and the authorities. believe it or not, that's one of the things i'm not on the hot seat a
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